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No Brainer Trades

  • #8,661
  • Feb 11, 2009 3:40am Feb 11, 2009 3:40am
I am now on break even and closed halve of my trade with 2 pips now I borught my break even point by halve and can redistibute my risk again if it goes against me again...I am now able to grow my stop loss maintaining a fit risk ...
  • #8,662
  • Feb 11, 2009 3:55am Feb 11, 2009 3:55am
thanks for your input. can you please elaborate on the highlighted part.


Quoting PaulEamonn
Hi Ishacm

As one newbie to another I'd like to offer you my ideas on this trade....

However you either didn't notice or failed to take account of the fact that there was a pivot reversal on the 30th at 12054. This level is actually just 4 pips away from the close of the down bar you are taking your 13030 level from.
  • #8,663
  • Feb 11, 2009 4:02am Feb 11, 2009 4:02am
Don't think you can have your fun without me.
I woke up for work (ptooey) and saw the EUR flapping around one of my marked areas of interest so I gauged the momentum and shorted it. It's been up to +20 and I'm set to get out with +5 if it goes on upward.

Edit: UP +25, set to give +10
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,664
  • Feb 11, 2009 4:08am Feb 11, 2009 4:08am
Can you explain the criteria for your markings?

Is it pivot highs/lows?


thanx

Quoting Thexder
Don't think you can have your fun without me.
I woke up for work (ptooey) and saw the EUR flapping around one of my marked areas of interest so I gauged the momentum and shorted it. It's been up to +20 and I'm set to get out with +5 if it goes on upward.

Edit: UP +25, set to give +10
  • #8,665
  • Feb 11, 2009 4:11am Feb 11, 2009 4:11am
Quoting ishacm
Can you explain the criteria for your markings?
Well, since I just woke up I was kinda hungry so I went looking for candy to take...
I think others would agree with the suggestion that you look at the sam seiden videos mentioned in the thread and see how he describes supply and demand areas. That's where I got it.

Abridged version: Notice where I started drawing the lines on the left. An individual point that was reached and then withdrawn just as fast.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,666
  • Feb 11, 2009 4:12am Feb 11, 2009 4:12am
Congratulations .. but it might be more helpfull to others if you do not post your entries after the fact
  • #8,667
  • Feb 11, 2009 4:13am Feb 11, 2009 4:13am
Quoting ishacm
Is it pivot highs/lows?
The word Pivot can be interpreted many ways. I think Sam might refer to those as pivots, not sure. But they are otherwise clearly highs and lows whatever they are called.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8,668
  • Feb 11, 2009 4:17am Feb 11, 2009 4:17am
Quoting ishacm
thanks for your input. can you please elaborate on the highlighted part.
As you can see from the 4 hour chart there was one pivot high (the one I mentioned) at 13054. And there was another slightly higher one at 13065. Also the close of the bearish candle at the low you took your entry from is possibly more important than the low. In my opinion these may impact upon the trade and should be taken into consideration.

I see from the chart that the 13030 level has now been breached. Are you short now and, if so, what is your stop loss and how did you decide where to put it?
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour.gif Size: 16 KB
RegardsPaul Eamonn
  • #8,669
  • Feb 11, 2009 4:24am Feb 11, 2009 4:24am
My gbpchf long is looking great ....second postion is way heavier...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 24 KB
  • #8,670
  • Feb 11, 2009 4:42am Feb 11, 2009 4:42am
Thanks again.

Currently I am not in the trade. I got out at breakeven (+5 pips).

With respect to my SL, i have 50 pip fixed, when entering on an hourly or 4hour charts. entered @ 130.20. so, my initial SL was 130.70 and TP 129.20



Quoting PaulEamonn
As you can see from the 4 hour chart there was one pivot high (the one I mentioned) at 13054. And there was another slightly higher one at 13065. Also the close of the bearish candle at the low you took your entry from is possibly more important than the low. In my opinion these may impact upon the trade and should be taken into consideration.

I see from the chart that the 13030 level has now been breached. Are you short now and, if so, what is your stop loss and how did you decide where to put it?
  • #8,671
  • Feb 11, 2009 4:48am Feb 11, 2009 4:48am
Quoting Shermenator
My gbpchf long is looking great ....second postion is way heavier...

Attachment
Have gotten out at break even out of the gbpchf...crappy trade no pips on it but break even is always a good thing....
  • #8,672
  • Feb 11, 2009 4:54am Feb 11, 2009 4:54am
1.4270 - 1.4300 looks nice for a long. Confluence with 76.4% + round number.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 25 KB
  • #8,673
  • Feb 11, 2009 5:13am Feb 11, 2009 5:13am
Quoting pingo28
Congratulations .. but it might be more helpfull to others if you do not post your entries after the fact
There's plenty of that on here too.

Historical charts are just as important for people to learn the processes.
  • #8,674
  • Feb 11, 2009 5:14am Feb 11, 2009 5:14am
Quoting ishacm
Thanks again.

Currently I am not in the trade. I got out at breakeven (+5 pips).

With respect to my SL, i have 50 pip fixed, when entering on an hourly or 4hour charts. entered @ 130.20. so, my initial SL was 130.70 and TP 129.20
I don't like the idea of a fixed stop loss irrespective of the market or the conditions. I prefer to hide it behind something. In the case of your trade I see that your stop loss would have been hit. But one up behind the 13080 had less chance of being hit. My own preference would have been to put the stop loss up past the high at 13177. But this is based on Elliott wave theory rather than supply and demand. and is more academic than likely.

With regard to the fixed stop loss, I'm not say that the idea is wrong. What I am saying is that you seem to be using it with no thought for the volatility of the market - especially the £/Y! There is nothing wrong however with using a limited stop loss where you don't take a trade in a market that requires you to use a stop loss larger than 50 pips. That is quite a different matter.
RegardsPaul Eamonn
  • #8,675
  • Feb 11, 2009 5:22am Feb 11, 2009 5:22am
Quoting PaulEamonn
I don't like the idea of a fixed stop loss irrespective of the market or the conditions. I prefer to hide it behind something. In the case of your trade I see that your stop loss would have been hit. But one up behind the 13080 had less chance of being hit. My own preference would have been to put the stop loss up past the high at 13177. But this is based on Elliott wave theory rather than supply and demand. and is more academic than likely.

With regard to the fixed stop loss, I'm not say that the idea is wrong. What I am saying is that you seem...
True.

I use fairly fixed s/l but limit myself to trades where I can put it behind support/resistance - and there are plenty of those, currently 400+pips a day on the table.

See BRVs original posts/pdfs, it is possible to use a fixed s/l and simple MM while you are perfecting the other aspects of trading. Variable lot sizes give you more scope but you must put more effort into protecting your capital.
  • #8,676
  • Feb 11, 2009 5:35am Feb 11, 2009 5:35am
9085-9123 looks interesting for shorts
  • #8,677
  • Feb 11, 2009 5:38am Feb 11, 2009 5:38am
Quoting RedCabbage
9085-9123 looks interesting for shorts
Cool! I was looking at that
  • #8,678
  • Feb 11, 2009 5:39am Feb 11, 2009 5:39am
Quoting RedCabbage
9085-9123 looks interesting for shorts
I would be a little crefull with it let alot of time go by and let that price mature a bitt ...
  • #8,679
  • Feb 11, 2009 5:39am Feb 11, 2009 5:39am
Quoting RedCabbage
9085-9123 looks interesting for shorts
Thanks!
Just a question: Why 9085 instead of a lower value such as 9078? There are some pikes that define the RL which are lower than 9085...
Thanks!
Trading: the skill of avoiding trades
  • #8,680
  • Feb 11, 2009 5:43am Feb 11, 2009 5:43am
Quoting bumasoft
Closed for 31 pips. Total of 76 pips today in just 30 minutes. Gorgeous!
Congrats!!!

I've short @0.9024 after the news... already change sl to b/e +10
if it manage to get to .9075 - .9085 willshort again....
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
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